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Stock Market & Financial Investment News

News Breaks
June 5, 2014
07:20 EDTPBYPep Boys June volatility elevated at 48 into Q1 and outlook
Pep Boys June call option implied volatility is at 48, July is at 34, October is at 31; compared to its 26-week average of 35 according to Track Data, suggesting large near term price movement into the expected release of Q1 results before the open on June 10.
News For PBY From The Last 14 Days
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November 24, 2015
10:00 EDTPBYOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Advanced Drainage (WMS) downgraded to Hold from Buy at Deutsche Bank... Atlas Resource Partners (ARP) downgraded to Market Perform at FBR Capital... Brocade (BRCD) downgraded to Neutral from Overweight at JPMorgan... Burberry (BURBY) downgraded to Neutral from Buy at Nomura... CNX Coal Resources (CNXC) downgraded to Neutral from Buy at BofA/Merrill... GameStop (GME) downgraded to Neutral from Buy at BofA/Merrill... Hatteras Financial (HTS) downgraded to Neutral from Buy at Nomura... Infoblox (BLOX) downgraded to Hold from Buy at Needham... Intrepid Potash (IPI) downgraded to Hold from Buy at Vertical Research... Navios Maritime (NM) downgraded on cash burn, weak cash flow at Stifel... Norfolk Southern (NSC) downgraded on valuation at BMO Capital... Pep Boys (PBY) downgraded to Sell from Hold at Argus... Redwood Trust (RWT) downgraded to Neutral from Buy at Nomura... Rex Energy (REXX) downgraded to In-Line from Outperform at Imperial Capital... Swatch Group (SWGAY) downgraded to Neutral from Buy at Nomura... TeleCommunication Systems (TSYS) downgraded to Market Perform at Northland.
07:37 EDTPBYPep Boys downgraded to Sell from Hold at Argus
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November 23, 2015
18:30 EDTPBYBridgestone announces early termination of HSR waiting period for Pep Boys deal
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November 16, 2015
08:32 EDTPBYBridgestone commences previously announced tender offer to acquire Pep Boys
Bridgestone PRDCY) announced that its wholly owned subsidiary TAJ Acquisition, a subsidiary of Bridgestone Retail Operations, LLC, is commencing a cash tender offer to purchase all outstanding shares of The Pep Boys (PBY). Bridgestone and Pep Boys previously announced on Monday, October 26, 2015, that they had entered into a definitive merger agreement under which BSRO will acquire Pep Boys. The tender offer is being made pursuant to an Offer to Purchase, dated November 16, 2015. Upon successful closing of the tender offer, shareholders of Pep Boys will receive $15.00 in cash for each share of Pep Boys common stock validly tendered and not validly withdrawn in the offer, without interest and less any applicable withholding tax. BSRO and Purchaser will file today with the SEC a tender offer statement on Schedule TO that includes the Offer to Purchase and related Letter of Transmittal that set forth the terms and conditions of the tender offer. Additionally, Pep Boys will file with the SEC a solicitation/recommendation statement on Schedule 14D-9 that includes the recommendation of the Pep Boys board of directors that Pep Boys shareholders tender their shares in the tender offer. The tender offer will expire at 5:00 p.m. on Monday, January 4, 2016, unless the offer period is extended in accordance with the definitive merger agreement and the applicable rules and regulations of the SEC. The completion of the tender offer will be conditioned on Pep Boys' shareholders tendering at least a majority of Pep Boys' outstanding shares, determined on a fully diluted basis, and other customary closing conditions, including expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.
November 12, 2015
11:55 EDTPBYAdvance Auto Parts sinks after missing Q3 estimates, cutting guidance
Shares of Advance Auto Parts (AAP) an automotive aftermarket parts supplier, are falling after the company reported lower than expected third quarter results and cut its fiscal 2015 profit outlook. The company also said its chief executive officer will step down in January. WHAT'S NEW: This morning, Advance Auto Parts reported Q3 comparable cash earnings per share of $1.95 and revenue of $2.3B, below analysts' consensus estimates of $2.09 and $2.33B, respectively. Same-store sales for the quarter increased 0.5%. GUIDANCE: Due to the Q3 earnings shortfall coupled with continuing integration headwinds and the soft start to its lowest volume quarter, Advance Auto Parts lowered its comparable cash EPS out look for fiscal year 2015 to $7.75-$7.90 from $8.10-$8.35, well below analysts' estimates of $8.28. Chief Financial Officer Mike Norona said that the revised outlook assumes flat to slightly negative fourth quarter SSS, roughly flat year over year Q4 gross margin rate and the achievement of its FY synergies target of $45M-$55M. Additionally, as part of its on-going process of store evaluations, the company said it is planning to close, an additional 30 stores in the latter part of 2015. The one-time expense impact of these closures is expected to be between $10M-$15M in 2015, which increases the FY15 outlook for one-time integration and restructuring expenses to $101M-$120M from $91M-$105M. WHAT'S NOTABLE: Advance Auto Parts also announced that CEO Darren Jackson plans to retire and step down from the Board on January 2, 2016, and the company named President George Sherman as interim CEO, effective January 3. Sherman will succeed Jackson as CEO, the company said. The company also announced that effective immediately, current Board Chairman John Brouillard will become Executive Chairman. SHAREHOLDER ACTIVISM: Advance Auto Parts announced that it has entered into an agreement with Starboard Value LP and its affiliates, which owns about 3.7% of Advance Auto Parts' shares, regarding the membership and composition of the company's Board of Directors. Under the terms of the agreement, the company named Starboard CEO and Chief Investment Officer Jeffrey Smith to its board of directors, effective immediately, expanding the board to 13 members. Additionally, Starboard will designate two independent directors to be added to the Advance Auto Parts Board as soon as practical. PRICE ACTION: In late morning trading, Advance Auto Parts fell $25.07, or 12.88%, to $169.68 on more than three times its average daily trading volume. Despite today's pull back, the shares have gained over 16% over the past 12 months. OTHERS TO WATCH: Other auto parts suppliers include Pep Boys (PBY), down 0.3%, O'Reilly Automotive (ORLY), down 0.9%, AutoZone (AZO), down 0.9%, and Genuine Parts Company (GPC), down 1.41%.

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